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CBO projects $845B budget deficit for 2013

CBO projects $845B budget deficit for 2013
Posted February 5th, 2013 @ 1:26pm

The federal budget deficit in 2013 is projected to be $845 billion, the first time the non-partisan Congressional Budget Office has forecast a deficit below $1 trillion under President Obama.

The reduction in the budget deficit comes after Congress approved higher tax rates on households with annual income above $450,000. But the long-term forecast from CBO shows the fiscal cliff deal that prevented higher tax rates on most households did little to help the nation’s long-term budgetary outlook. 

Read more: The Hill 

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